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The UK introduced the Financial Services and Markets Bill on October 25th, reinforcing its vision for the Bitcoin (BTC) cryptocurrency and a domestic digital payment asset.
of Specificationproposed on 18 October, “a series of measures to maintain and strengthen the UK’s position as a global leader in financial services and to ensure that the sector continues to serve individuals and businesses across the country”. suggested to do
The bill reaffirms the UK’s intentions to become a global cryptocurrency hub, with comments echoed by Dr Lisa Cameron, Member of Parliament and Chair of The Crypto and Digital Assets All-Party Parliamentary Group. In her exclusive interview with Cointelegraph over the weekend, she explained that cryptocurrencies are on the radar of lawmakers, but much education is needed.
The bill builds on existing measures to expand regulation of stablecoins, moving away from the use of crypto assets and referring to digital payment assets (DSA) as a new term. increase. According to the UK government, Crypto assets use some form of distributed ledger technology (DLT), but DSA includes: stablecoin Given its potential to develop into a wide range of payment instruments.
The UK government has previously commented that it has a “series of measures” aimed at improving regulation and transparency surrounding blockchain, cryptocurrencies and bitcoin.
Elsewhere, the new prime minister, Rishi Sunak, has also expressed interest in certain areas of cryptocurrency, such as his endorsement of the Royal Mint’s creation of non-fungible tokens.
The youngest leader to take office at 10 Downing Street has also voiced support for central bank digital currencies.
Related: UK Inflation Hits 10.1%, UK Bitcoin Community Reacts
Recognition of crypto-assets and digital assets as financial instruments is not yet regulated by law. The bill has to go through important steps. The House of Lords must approve or amend the bill before final royal approval by the new monarch, Charles III.
